Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Friday (28th November), general building contractor <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> ("LKH") announced a voluntary conditional Offer from Dato' Marco Low Peng Kiat, LKH's controlling shareholder (54.13%).</li>
<li>Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.</li>
<li>The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn't been declared final, possibly leading to a bump in the home stretch. </li>
</ul>


Late Friday (28th November), general building contractor Low Keng Huat Singapore (LKH SP) ("LKH") announced a voluntary conditional Offer from Dato' Marco Low Peng Kiat, LKH's controlling shareholder (54.13%).
Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.
The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn't been declared final, possibly leading to a bump in the home stretch. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> has disclosed a voluntary conditional offer from the Managing Director at S$0.72 per share, a 17.1% premium to the last close price. </li>
<li>While the offer represents an all-time high, it is below net asset value (implying a P/NAV of 0.91x). It is also light compared to precedent transactions. </li>
<li>The offer price has not been declared final. A bump may be needed to satisfy the 90% minimum acceptance condition.</li>
</ul>



Low Keng Huat Singapore (LKH SP) has disclosed a voluntary conditional offer from the Managing Director at S$0.72 per share, a 17.1% premium to the last close price. 
While the offer represents an all-time high, it is below net asset value (implying a P/NAV of 0.91x). It is also light compared to precedent transactions. 
The offer price has not been declared final. A bump may be needed to satisfy the 90% minimum acceptance condition.


Low Keng Huat (LKH SP): Conditional VGO at S$0.72 May Need a Bump

<ul>
<li>For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.
The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic

<ul>
<li>Is <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino (7205 JP)</a> a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.</li>
<li>A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.</li>
<li>A spin-off makes sense as <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin (2899 HK)</a> capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.</li>
</ul>


Is Hino (7205 JP) a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.
A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.
A spin-off makes sense as Zijin (2899 HK) capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.


Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

<ul>
<li>I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>'s Scheme, and Tender Offers for <a href="https://www.smartkarma.com/entities/fuji-corp-miyagi" target="_blank" data-smartkarma-citation="entities:20243:1" rel="noopener">Fuji Corp (7605 JP)</a>, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>.</li>
<li>Fer.Key updates/news took place on: <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal were discussed on Smartkarma this week: New World Resources (NWC AU)'s Scheme, and Tender Offers for Fuji Corp (7605 JP), TRYT (9164 JP), and Shinsung Tongsang (005390 KS).
Fer.Key updates/news took place on: Austal Ltd (ASB AU), HKBN Ltd (1310 HK), Shandong Fengxiang (9977 HK), and Mitsubishi Shokuhin (7451 JP).


(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

Singapore

Amara Holdings Limited is a Singapore-based investment holding company. It is principally engaged in hotel investment and management, property investment and development, and specialty restaurants and food services. The company was founded in 1970 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amara (AMA SP)

Low Keng Huat (LKH SP)'s Clean MBO

The Circ is now out. The IFA (in its 36 page report beginning on page 32 of the PDF) says "not fair but reasonable". The first close is the 14th...

David Blennerhassett

Low Keng Huat (LKH SP): Conditional VGO at S$0.72 May Need a Bump

While the offer represents an all-time high, it is below NAV. The offer price has not been declared final. A bump may be needed to satisfy the 90%...

Arun George

(Mostly) Asia M&A, June 2025 Wrap: Santos, Fuji Corp, Brickworks, Great Eastern, VIOL, Adriatic

For the month of June, 11 new deals were discussed on Smartkarma with an overall deal size of just ~US$29bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)